China warns George Soros against going to 'war' on its currency

China has officially issued a warning to George Soros: Beware of
going to "war on the renminbi."

The message comes in a piece published in China's People's Daily
titled "Declaring war on China's currency? Ha ha."

People's Daily is the Communist Party's mouthpiece.

"Soros's war on the renminbi and the Hong Kong dollar cannot
possibly succeed — about this there can be no doubt," the opinion
piece by a commerce ministry researcher warned,
according to the Financial Times.

This warning comes at time when China's officials are trying hard
to get everyone confident in the renminbi again. The currency
has fallen by about 5.7% since August, when China's central
bank, the People's Bank of China, first depreciated it.

While Soros didn't specifically mention the renminbi or the Hong
Kong dollar, he did say China was one of the "root
causes" of the global bear market and the country was
probably looking at a hard landing.

"The Chinese left it too long to address the changeover in
the growth model that they have to adopt from — investment and
export-led to domestic-led. So a hard landing is practically
unavoidable,"
he said.

Notably, this isn't Soros' first rodeo when it comes to
currencies.

Back in 1992, he "cemented his reputation as the premier
currency speculator in the world" after he "broke
the Bank of England."

At the time, the British government was trying to buoy its
currency artificially in the European Exchange Rate Mechanism
while Soros and some other speculators shorted the pound. The
British ultimately withdrew from the ERM, as they couldn't keep
the pound above its agreed lower limit. Soros made $1 billion on
the deal.

Some have also blamed Soros for the speculative attacks
against Asian currencies back in 1997 during the financial crisis
in Asia.

In any case, Soros doesn't seem to be too optimistic about
China — and China isn't happy about it.